• Report: #706101
Complaint Review:

NCO Finacial

  • Submitted: Tue, March 15, 2011
  • Updated: Wed, April 06, 2011

  • Reported By: Mad24 — Bloomfield New Jersey United States of America
NCO Finacial
507 Prudential Road Internet United States of America

NCO Finacial NCO was robbing me blind. I finally can see and need to put an end to this! Internet

*Consumer Comment: Much information missing here.

*Consumer Comment: FYI

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I have delt with NCO finacial for the past 3 years, like a diligent worker. Trying to pay off a credit card that went to collections. I say I was trying because every month I paid on time for 3 years with no monthly statements. Some back story.

I signed up with a debt consolidation company to pay off a couple of credit cards I had. Every month paid on time and after a couple years I started paying some off. They tell you to call up your creditors periodically and find how much you still owe, so one very eye opening afternoon I did.

To my utter amazement NCO told me the pay off amount. It was higher about, $4,000 higher than when I started. My monthly payments that were sent in on time every month was not paying off any of the principal instead is going towards the intest there was at an annual rate of 29, that was the rate it had been purchased.

By not sending me a statement I was not aware that my apr had never changed on good merit. Finally they told me if I raise my monthly payment another $20 a month they would waive my interest rate. I could now at  the new additional $4000 to the amont I originally owed, start paying off my debt. I would have been more than half way done paying off this debt if the interest rates were waived in the first year for paying on time every month.

I blindly agreed because I wanted the interest to go away. Now they have still not sent any monthly statement even though I have called for the past 4 months requesting/demanding them. With no avail, I still have no clue where all my money goes. My heart hurts thinking about how much money NCO finacial will have collected from me after the whole debt is payed off. The price of a car. A downpayment for a house. It disgusts me, the thought they hold they have over me. My debt consolidation company did nothing to help but they stand to gain more money if I stay in business with them for 3 more years rather then 1year.

I know that it is illegal for them to keep monthly statements from me. I do not know how to get them to send them to me. I want this account to be paid off or to go away all together since I've paid more than half of what I initially owed.

I can not stomach the fact that they would have never taken off the interest rate if I had never called to check on it, who knows how high the balance would have reached. And only for a increase of $20 a month.

I need help I do not know where else turn. The devil has my social security number!!!  

This report was posted on Ripoff Report on 03/15/2011 01:02 AM and is a permanent record located here: http://www.ripoffreport.com/reports/nco-finacial/internet/nco-finacial-nco-was-robbing-me-blind-i-finally-can-see-and-need-to-put-an-end-to-this-706101. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Much information missing here.

AUTHOR: Steve - (USA)

You say the credit card account "went to collections".

BUT, was the account "charged off", or was it just a couple of months late? This is very important.

Is NCO collecting on behalf of the original creditor, or did they buy the debt?

You never mentioned the name of the original creditor or the amount you defaulted on.

I say this because "charged off" accounts are limited by federal law as to the amount of interest that can be charged. They cannot legally charge 29% on a "post charge off" account. That is limited to like 6%.

It is also illegal for a third party debt collector to charge "collection fees" to the debtor, or in any way inflate the original debt amount.

It appears that you fell into the trap of speaking on the phone.

That is what started your problems.

NEVER speak to any third party debt collector on the phone.

Communicate ONLY in writing and ONLY by certified mail, return reciept requested.

Forget the "Chapter 7" advice given earlier. This is usally a bad choice, and often hurts you more.

Is this your only default account?

Here is what you need to do and understand:

1. Pull all three of your credit reports. Do this today.

I suggest you get them online and print them out as it is faster.

You can get these for free at annualcreditreport.com as per federal law.

2. Send NCO a written DEMAND for an itemization of all charges and credits and the total amount owed to date. Also be sure to DEMAND to know what the exact "original" balance was.

Inform them that you will not be making any more payments until they comply.

Send this by certified mail, return reciept requested.

Be sure to put the certified# in the body of the letter itself, and keep a copy of the letter for your records.


If they call, answer just 1 time and tell them that all communications must now be in writing.

You can also do this via the NCO website.

4. Always remember that it is YOU that is in charge in any debt collection matter. No debt collector can ever make you do anything, and they cannot do anything to you if you choose not to pay. The only thing they can do is sue you. Then, you will get your "statements"!

5. They have no "hold" over you.

6. By the means above, send them another letter confirming that they are NOT to call you, and that they are not allowed to take money from any bank account. Specify that all communications MUST be in writing via postal mail, or email.

FYI...regarding "debt consolidation" companies. They are a scam. never deal with these idiots. They cause more problems than they are worth and often put the debtor in worse financial shape. These people are nothing more than debt collectors for the banks. It is a scam.

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#2 Consumer Comment


AUTHOR: John - (U.S.A.)

These people are going to bleed you dry if you continue to make monthly payments on this account.
Your payments will just go down a black hole of high interest and fees.
You may want to consider Chapter 7.
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